Securing a mortgage loan today for a purchase or refinance is looking very attractive with interest rates near 4% on long-term 30 year fixed rates. Over the last couple of months, mortgage rates have hit record lows three times what the last one being last week with a 30 year fixed rate mortgage hit 3.94%.…
The temporary FHA Loan Limits were reduced on October 1, 2011 as Congress elected to not renew them. The county by county loan limits were reduced to original loan limits which were upwards of $100,000 or more less per county. Congress re-evaluates! Congress has reevaluated their decision and have agreed to reinstate the previous loan…
For financing real estate, the 30 year fixed-rate mortgage still remains the most popular home loan for borrowers. The majority of borrowers today take out 30 year fixed-rate mortgages because of the flexibility and comfort of a long-term fixed rate. 30 year fixed-rate mortgages today contain no prepayment penalties unlike their counterparts from a few…
Congratulations purchase contract is accepted and you are now officially “in escrow”. You go ahead and send in all of your financial information to your mortgage lender, a few days goes by and you get some not so pleasant news. The loan has been counter approved requiring some changes to the mortgage loan program and…
The buzz is is everywhere… people who have loans owned by Fannie Mae or Freddie Mac will be able to refinance with no loan-to-value restrictions. This program is slated to take effect on November 15. The actual program is called (HARP) Home Affordable Refinance Program and it is designed to help people who have conforming…
Folks who have mortgages owned by Freddie Mac and/or Fannie Mae have been waiting for the 125% loan-to-value refinance for quite some time. Fannie Mae and Freddie Mac have been offering the program for months saying the program went to 125% loan to value. Only yesterday October 20, 2011 was the date of availability that…
Thinking about buying a condominium or unit in a planned unit development? If yes, first off congratulations on deciding to get preapproved to purchase real estate. The best areas in Sonoma County for condominiums are Rohnert Park followed by a Santa Rosa. Sometimes the property you might be looking at is really a planned unit…
Sonoma County First Time Home Buyers are now getting to enjoy it easy street. For years, first time home buyers were capped at putting down hefty down payments. Since the markets have changed, first time home buyers in Sonoma County can now purchase a house with 0% down. Move up buyers can also purchase a…